HMRC Launches QROPS Online Reporting Service

By Editorial 19 December, 2013

Scheme managers and administrators of Qualifying Recognized Overseas Pension Schemes can now use an HM Revenue and Customs online service to report information to the tax body, as a quicker and more secure alternative to the existing paper process.

Overseas scheme managers can use the service to notify or re-notify HMRC that a scheme is a recognized overseas pension scheme; to report payments made out of funds received from a UK pension scheme; to report change of details, status or fund value; and to report any additional information required for schemes that were formerly QROPS. The new service also makes it easier to send reports about multiple transfers or scheme members in one go.

Scheme managers who have previously notified HMRC that a scheme is a recognized overseas pension scheme will be sent a Scheme Manager ID and Activation Token by letter in order to use the service. HMRC previously said that the letters would be sent before the scheme went live, although it now advises that letters may not arrive until early January.

Meanwhile, UK scheme administrators can use the service to notify HMRC that a UK registered pension scheme has transferred sums or assets to a QROPS. Administrators can access the service through the scheme homepage on the Pension Schemes Online system using their existing details.

QROPS allow a UK taxpayer's pension entitlements to be transferred tax-free to another jurisdiction where he or she is seeking permanent residence.

Tags: Tax | Financial Services | United Kingdom | HM Revenue And Customs (HMRC) | HM Revenue And Customs (HMRC) | Individual Income Tax | Services | Expats | Investment | Pensions | Invest | Investment | Pensions |


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